Bank Nizwa reflects on innovation in islamic finance during GCC New Age Summit

Asad Batla, Assistant General Manager Retail at Bank Nizwa, joined leaders and experts from the banking industry as chairman, moderator and presenter at the GCC New Age Summit. Organized under the auspices of H.H. Sayyid Taimur bin Asaad, the event discussed innovation in the digital landscape and its role in supporting growth of the banking and financial sector in Oman and the region.

The event featured a number of interactive panels, in-depth presentations and discussions delivered by an expert line-up of banking officials, stakeholders and policymakers. Guest-speakers included a number of global industry figures from the region, Asia and the Pacific including H.E. Hamood bin Sangour Al Zadjali, Executive President of the Central Bank of Oman.

During his presentation, ‘Islamic Banking in the New Age’, Asad Batla underlined the growing importance of technology in the Islamic finance sector and ways to fully harness its potential. He shared a detailed methodology of how to use technology to enhance customer experiences and engagement levels, as well as the need for Islamic banks to be more progressive in order to compete in marketplace. He said, “With the exponential growth in new technology, we are seeing a complete shift in consumer behaviors and the overall banking system. Whether Islamic or conventional, banks need to adapt and embrace this evolving digital landscape to deliver cutting-edge products that can offer better customer experiences.”

With its proven track record in offering a multitude of Shari’a-compliant digital solutions, Bank Nizwa recently won the Best Online Islamic Services Award at the Arab Banks Awards of Excellence 2016. The bank’s portfolio of digital services include online and mobile banking, as well as the Dial My Balance service among others, aimed at putting innovative financial services at the fingertips of its growing customer base.